There are approximately 9,000 mutual fund companies. These companies invest in approximately 50,000 United States Corporations that are traded on stock and bond exchanges and NASDAQ (National Association of Securities Dealers Automated Quotations) in America. In Europe. mutual fund companies are called UCITS (Uniform Collective Investments in Transferable Securities). These UCITS are not as developed as their United States counterparts, but they also buy and sell securities of corporations on stock and bond exchanges, e.g., Milan Exchange, Frankfuirt Exchange, Luxembourg Exchange. etc. An American investor may obtain international diversification by buying an international mutual fund, which then invests in companies that are traded on these overseas exchanges. A manager must convert 100% of the investment dollar to purchase securities on these exchanges at the time of initial investment, and then reconvert 100% of the securities value of the fund into the home currency at the time of sale by the investor. Hence, there is a major capital risk for currency fluctuation. In order to obtain international portfolio diversification, an investor has an expense of initial currency conversion with existing mutual funds.